Sinclair buys back $12 million of 6% convertibles amid market turmoil

By Susanna Moon

Chicago, Oct. 13 - Sinclair Broadcast Group, Inc. said it repurchased $22.3 million of its 8% senior subordinated notes and $12 million of its 6% subordinated convertible bonds.

The company bought back the bonds in the open market during the third quarter.

"The deepening economic turmoil that has recently thrown the financial markets into a state of crisis, diminished equity market values, dried up liquidity, and slowed advertising spending levels, has caused us to reconsider our value opportunities," David Smith, president and chief executive officer of Sinclair, said in a press release.

Ongoing volatility in the marketplace and its impact on advertising budgets are expected to slow revenue for the fourth quarter, Smith continued.

Sinclair is a Baltimore-based television broadcaster.

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